All Forum Posts by: Chris Pelletier

When leasing a property with the option to buy to a tenant/buyer, you can put the TB on the lease and hold it in escrow so the TB can refinance and not have to come up with a downpayment as in a conventional mortgage. How long does the TB need to be on the deed before they can refinance?

Thanks for the replies. Keep them coming, I need to convince my business partner I am RIGHT!! :)

I have done the math and it "seems" to make more sense to retain our asset and not refinance. However I just wanted to hear other's point's of view. I've made many financial blunders before and I'd love to hear other ideas.

By the way, what do you meant, Let it ride? Let what ride? Could you please be more specific? Thanks for your advice.

We have recently purchased a rehab property. We have decided to hold it and rent it out until the market improves. My question is we have some consumer debt we need to pay off. Would it make more financial sense to pull out the equity in the house to pay off our debt?

We could refinance the property for 140K, projected rent is 1400/month.

Or we could keep the property at 105K and rent it out for 1400/month then focus 110% of our energy into wholesaling until we pay off our consumer debt completey.

Please do NOT tell us we shold not have started investing until our debt is paid off. We know that NOW. We just need to know the best way to get out of this whole we've dug.

In the next couple of months I will be attempting to sell a house I am currently rehabbing. I will attempt to sell this property without a realtor. Just wondering if anyone has any ingenious ideas as far as marketing is concerned. What can I do to get people in to see the house besides the old ad in the newspaper?

By emerging market I mean any area in the US that is up and coming. An area that will provide jobs, good schools, ect. I'd like to know how to find these areas before they grow, before companies move in. I know it's all speculative but there are people who succeed at this and I'd like to be in that category someday.

Well Mike and Deuce,

I think between the 2 of you I can consider myself well informed!! :lol:

Thanks Tim,

I guess 2 years is a realistic goal for me considering I will be doing this part time. The good news is, my wife is on board, we are working together to reach our goals.

Tim,

How long ago was that and how are you doing today? The reason I ask...I have a full time job and excellent credit. I want to do this full time. In 2 years I can retire (at age 36 not bad) however I won't be able to collect my pension until I am 55. I really want to try something different and this is the route I want to take. I know it won't be easy, I want to purchase some rental properties over the next 2 years and perhaps rehab a few (needs to be a great deal in the current economy). I am also about to take a class in wholesaling. I know it won't be glamorous but being in control of my life is what attracts me. I am sooooo sick of having a boss and my damn alarm clock! :lol:

From what I understand about wholesaling, You get a property under contract for let's say 50K, you find an investor to purchase the property for 53-55K. They basically pay you to find the property and put it under contract.